Dublin, Jan. 07, 2021 (GLOBE NEWSWIRE) -- The "Aircraft Engines Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2020 to 2028" report has been added to ResearchAndMarkets.com's offering.
The report offers strategic insights into the global aircraft engines market with a focus on the market size and estimates for the duration 2018 to 2028. The said research study covers an in-depth analysis of market segments based on engine type, aircraft type, application, and cross-sectional study across different geographies. The study covers the comparative analysis of each sub-segment for the years 2019 & 2028. The report also provides a prolific view on market dynamics such as market drivers, restraints, and opportunities.
Aircraft engine can be defined as the most vital parts of the propulsion system which converts fuel energy into useful mechanical energy used to lift and propel the aircraft. Almost every aircraft except some hybrid or solar-powered aircraft use some form of the mechanical engine for their propulsion. A variety of aircraft engines are available for different end-use application aircraft including, passenger, cargo, military, and aerospace applications. Air transport for cargo and military application has been on the rise consistently for the past few decades. In order to fulfill the demand, a number of new aircraft are introduced continuously. With a consistently rising demand for all the aforementioned end-user application, the aircraft engines market is also expected to grow in proportion to the demand for aircraft.
With the onset of the COVID-19 pandemic, there has been a significant decline in air travel in 2020. For instance, some of the major airports across the world witnessed a fall of about 90% in terms of the number of people traveling. This has resulted in an unprecedented downturn in the overall airline industry. Thereby, the demand for aircraft engines from the commercial segment is expected to witness a significant decline during the forecast period from 2020 to 2028. However, the demand from military and government applications is expected to remain steady during the forecast period from 2020 to 2028.
Rising fuel prices, strict emission norms, and the need for powerful engines have forced the aircraft engine manufacturers to upgrade their existing products. In order to fulfill the aforementioned demands, aircraft engine manufacturers are engaged to design and develop more sophisticated and efficient engines. Aircraft with better fuel injection systems and low noise emission is a result of perpetual technological development in the field of engine design. Manufacturing companies, OEMs, and airline companies are forming alliances and strategic partnerships to develop better and economical engines for different end-use aircraft verticals. In addition, the companies are also striving to acquire contracts from government airline agencies and military organizations to provide aircraft engines. Owing to breath-taking competition between airline companies and continued demand for new aircraft, the overall aircraft engines market is expected to demonstrate a uniform growth throughout the forecast period.
In order to help strategic decision-makers, the report also includes competitive profiling of the leading aircraft engine manufacturing companies, their strategies, market positioning, and key developments. Some of the major players profiled in the report include General Electric Company, Rolls-Royce Motor Cars Limited, Honeywell International Inc., United Technologies Corporation, Pratt & Whitney Division, Snecma S.A, Hindustan Aeronautics Limited, United Technologies Corporation, Safran, The Boeing Company, International Aero Engines AG, Engine Alliance LLC, Extron, Inc. and MTU Aero Engines AG.
Other in-depth analysis provided in the report includes:
- Current and future market trends to justify the forthcoming attractive markets within the aircraft engine.
- Market fuelers, market impediments, and their impact on the market growth
- Market inclination insights and key trend analysis for aircraft engines market
- In-depth competitive environment analysis
- Trailing 2-Year market size data (2018 - 2019)
Overall, the research study provides a holistic view of the global aircraft engines market, offering market size and estimates for the period from 2020 to 2028, keeping in mind the above-mentioned factors.
The global aircraft engines market is segmented, based on aircraft type, into the following categories:
- Fixed Wing Aircraft
- Rotary Wing Aircraft
In 2019, the fixed-wing was the dominating segment in terms of revenue in the overall aircraft engines market by wing type. Fixed-wing aircraft generally includes airplanes and gliders with a small capacity. Fixed-wing aircraft are extensively used in commercial aviation as well as for cargo application. In addition, fixed-wing
aircraft are also used for fighter planes for defense applications. With a wide variety of end-use applications and consistently growing demand for the aforementioned application, the market for fixed-wing aircraft is expected to dominate the segment throughout the forecast period.
Rotary wing aircraft engine trailed the fixed-wing aircraft market in the base year of 2019. Rotary wing aircraft or helicopters are used for a wide array of applications such as commercial air transport, emergency medical transport, rescue operations, and many other military and defense applications. The growing demand for all the aforementioned applications has promoted rotary-wing aircraft from past decades. Consequently, the demand for engines for rotary aircraft engines is expected to grow consistently in the following years.
The global aircraft engines market is segmented, based on engine type, into the following categories:
- Turboprop
- Turbofan
- Turboshaft
- Piston Engine
In 2019, the turbofan engine dominated the overall aircraft engines market in terms of revenue. The turbofan engines are commonly used for civil and commercial aircraft. Perpetual development in the field of civil aviation and aircraft engines has been observed for the past few years. This has drawn the attention of many major airline companies to invest in advanced turbofan engines. The demand for such engines is rising consistently due to its fuel economy and reliability of the engines. Owing to the aforementioned factors, the market for the turbofan engine is expected to grow throughout the forecast period.
Turboshaft engines trailed the turbofan engine in terms of revenue in the overall aircraft engines market in the base year of 2019. Turboshaft engines are extensively used in helicopters. Consistently rising demands for helicopters for a variety of end-use applications including commercial aviation, medical services, emergency, and rescue operations, and military applications have boosted the demand for the turboshaft engines. The engines are small and economical compared to other aircraft engines. Owing to the features and versatility offered by the helicopters, the market for the turboshaft engine is expected to demonstrate consistent growth in the following years.
The global aircraft engines market is segmented, based on application, into the following categories:
- Commercial Aircraft
- Military Aircraft
- Others
Consistently growing trade and passenger transport among different countries has boosted the commercial aviation industry significantly. The blooming aviation industry has generated the demand for new and advanced aircraft. Manufacturers are continuously engaged in the enhancement of current engines for a more economical and comfortable aviation experience. With the perpetual growth of commercial aviation, the market segment is expected to dominate the overall aircraft engines market throughout the forecast period. In 2019, the commercial aircraft engines segment dominated the overall aircraft engines market. However, the commercial segment is expected to witness lower demand due to the travel restrictions resulting from the COVID-19 pandemic during the forecast period from 2020 to 2028.
The military aircraft engine segment trailed the commercial aircraft engine segment in the base year 2019. Military and defense organization across the globe are consistently strengthening their air-force defense system by adding a new and improved version of fighter aircraft and helicopters. Rising terrorist activities and territorial disputes among nations have forced the nation to incorporate state of the art air defense system including fighter aircraft and helicopters. Subsequently, the military aircraft engine segment is expected to grow at a significant rate in the following years. In addition, with curtailed demand from the commercial segment, military and government applications offer key growth opportunities in the aircraft engines market.
The global aircraft engines market has been segmented, on the basis of geographical regions, as per the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- Rest of the World
- Latin America
- Middle East and Africa
In 2019, North America dominated the overall aircraft engines market in terms of revenue as well as in volume. A consistent rise in the aviation industry has been observed in the past few years in North America especially in the U.S. Rising trade activities and passenger transportation has encouraged the growth of the aviation industry. Consequently, the demand for aircraft engines has uplifted significantly. In addition, strengthening the defense capabilities of new and advanced aircraft has also aided the overall aircraft engines market to flourish in this region. North America is expected to dominate the overall aircraft engines market throughout the forecast period from 2020 to 2028.
Europe trailed North America in the overall aircraft engines market in terms of revenue and volume. The heavy concentration of industrial manufacturing and established market has boosted the trade significantly, within and outside of the European region. The use of aircraft for cargo transportation has uplifted the aviation industry in this region. In addition, tourism in this region has also escalated the passenger transport through aircraft. With the growth in the aviation industry, the market for an aircraft engine is also expected to show significant growth in the following years.
Key Topics Covered:
1. Preface
1.1. Report Scope and Description
1.2. Research Methodology
1.2.1. Phase I-Secondary Research
1.2.2. Phase II-Primary Research
1.2.3. Phase II-Expert Panel Review
1.2.4. Assumptions
1.2.5. Approach Adopted
2. Executive Summary
2.1. Global Aircraft Engine Market Snapshot
2.2. Global Aircraft Engine Market, By Engine Type
2.3. Global Aircraft Engine Market, By Aircraft Type
2.4. Global Aircraft Engine Market, By Application
2.5. Global Aircraft Engine Market, By Geography
3. Global Aircraft Engine Market Analysis
3.1. Global Aircraft Engine Market Overview
3.2. Market Inclination Insights
3.2.1. Recent Trends
3.2.2. Future Outlook
3.3. Market Dynamics
3.3.1. Market Drivers
3.3.2. Market Challenges
3.4. See-Saw Analysis
3.5. Attractive Investment Proposition
3.6. Market Positioning of Key Industry Participants
3.6.1. Major Strategies Adopted
3.6.2. Analyst Recommendations
4. Global Aircraft Engine Market Revenue, By Engine Type, 2018 - 2028 (US$ Mn)
4.1. Market Analysis
4.2. Turboprop
4.3. Turbofan
4.4. Turboshaft
4.5. Piston Engine
5. Global Aircraft Engine Market Revenue, By Aircraft Types, 2018 - 2028 (US$ Mn)
5.1. Market Analysis
5.2. Fixed Wing Aircraft Types
5.3. Rotary Wing Aircraft Types
6. Global Aircraft Engine Market Revenue, By Application, 2018 - 2028 (US$ Mn)
6.1. Market Analysis
6.2. Commercial Aircraft
6.3. Military Aircraft
6.4. Others
7. North America Aircraft Engine Market Analysis, 2018 - 2028 (US$ Mn)
8. Europe Aircraft Engine Market Analysis, 2018 - 2028 (US$ Mn)
9. Asia Pacific Aircraft Engine Market Analysis, 2018 - 2028 (US$ Mn)
10. Rest of World Aircraft Engine Market Analysis, 2018 - 2028 (US$ Mn)
11. Company Profiles
11.1. General Electric Company
11.2. Rolls-Royce Motor Cars Limited
11.3. Honeywell International Inc.
11.4. United Technologies Corporation
11.5. Pratt & Whitney Division Snecma S.A
11.6. Hindustan Aeronautics Limited
11.7. United Technologies Corporation
11.8. Safran
11.9. The Boeing Company
11.10. International Aero Engines AG
11.11. Engine Alliance LLC
11.12. Extron Inc.
11.13. MTU Aero Engines AG
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